{"id":1444,"date":"2020-05-28T10:15:53","date_gmt":"2020-05-28T15:15:53","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=1444"},"modified":"2023-05-16T14:20:35","modified_gmt":"2023-05-16T19:20:35","slug":"how-to-start-a-business","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/start-a-business\/how-to-start-a-business","title":{"rendered":"How to Start a Business in 10 Steps"},"content":{"rendered":"\n<p>So, do you want the good news or the bad news first? The bad news is, starting a small business isn\u2019t quite as easy as the title of this post makes it seem. The good news is, every new business venture has to start somewhere, and often simply jumping in is the best place to start. Many successful entrepreneurs before you have been in your shoes and many dreamers to come will navigate the same challenges. Before you set your sails for success, take note of these 10 tips to push yourself off in the right direction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Research_Your_Business_Idea\"><\/span><strong>1. Research Your Business Idea<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You can always tell a great business idea from the so-so ones by the way it energizes you. Suddenly, something in you has clicked, like sliding the final pieces into a jigsaw puzzle, and now you can almost see the big picture. Even great ideas, however, can fall short of their potential without the proper research to support them.&nbsp;<\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-text-color has-background\" style=\"color:#000000\">Turn your great idea into a thriving business through extensive <a href=\"https:\/\/www.sba.gov\/business-guide\/plan-your-business\/market-research-competitive-analysis\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">market research and competitive analysis<\/a>. This process will help you get a well-rounded understanding of your industry, market, and target demographics, so you can fine-tune your idea. Aim to answer the following questions:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Is there a demand for your product or service?&nbsp;<\/li>\n\n\n\n<li>How big is the customer base for this business?&nbsp;<\/li>\n\n\n\n<li>What does your ideal customer look like? (E.g. Gender, economic status, age, etc)<\/li>\n\n\n\n<li>What is the geographic range your business will serve?&nbsp;<\/li>\n\n\n\n<li>How many competitors are already in this market and who are they?&nbsp;<\/li>\n\n\n\n<li>What is the potential price range for your service and your competitors\u2019 service?&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>You\u2019ll also want to conduct an analysis of the competitive landscape. This will help you understand what other businesses you\u2019ll be up against. Research the following about your competitors:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Strengths and weaknesses<\/li>\n\n\n\n<li>Market share<\/li>\n\n\n\n<li>Opportunities to enter the market alongside them<\/li>\n\n\n\n<li>Who their target market is<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Create_a_Small_Business_Plan\"><\/span><strong>2. Create a Small Business Plan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After you\u2019ve added dimension to your idea, <a href=\"https:\/\/northone.com\/blog\/start-a-business\/how-to-write-a-business-plan\/\">write a small business plan<\/a> to organize it. A business plan will serve as a foundational tool for building your business, so dedicate time, energy, and thoughtfulness needed to create it. <\/p>\n\n\n\n<p>Not only will this plan help guide the structure, operations, and growth of your small business, it can also convince potential lenders and investors to partner with you. Aim to include the following in your business plan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Executive summary:<\/strong> This is a brief, high-level overview of your business idea. Think of it like the spark notes of your business plan.<\/li>\n\n\n\n<li><strong>Company description: <\/strong>Provide a detailed profile of your business. Explain key points like who your target consumer is and what problem you\u2019ll solve.&nbsp;<\/li>\n\n\n\n<li><strong>Market research and analysis: <\/strong>This is where all of your previous market research will come in handy. Use this section to summarize that information.&nbsp;<\/li>\n\n\n\n<li><strong>Company structure: <\/strong>Provide details on how you will structure your company.<\/li>\n\n\n\n<li><strong>Product or service: <\/strong>Describe your product or service and its benefit to customers. Include a breakdown of the product lifecycle.&nbsp;<\/li>\n\n\n\n<li><strong>Marketing or sales strategy: <\/strong>Pitch how you will connect potential customers with your product. Include details on sales and marketing approaches.&nbsp;<\/li>\n\n\n\n<li><strong>Funding request or financial projection: <\/strong>This is the grand finale to your plan. Include a specific ask for funding along with a breakdown of how exactly the funding will be spent.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Pitch_Revise_Your_Business_Idea\"><\/span><strong>3. Pitch &amp; Revise Your Business Idea<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Take your business plan and pitch it to a handful of people to get meaningful feedback. Aim to include a diverse audience to read your idea to eliminate biased opinions that can prevent you from seeing major flaws (sorry, mom). Go the extra mile and present your idea to get practice articulating your business and funding request \u2014 you never know when you might find yourself in front of investors.&nbsp;<\/p>\n\n\n\n<p>There\u2019s no shame in going back to the drawing board. Sometimes, you\u2019ll need a few revisions to nurture an idea into a successful business. It\u2019s better for small business owners to work out the kinks early on than be overwhelmed by trying challenges down the road while juggling a team of employees and customer orders.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Get_Funding\"><\/span><strong>4. Get Funding&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Beyond requesting funding from investors, take time to research grants and loans available to small businesses. There is a wealth of opportunity to get you the capital you need to turn your startup into a reality. The Small Business Administration (SBA) is a champion for startups and freelancers looking for financial help to continue succeeding.&nbsp;<\/p>\n\n\n\n<p>The <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.sba.gov\/funding-programs\/grants\" target=\"_blank\">SBA offers a variety of grants<\/a>, including those for businesses involved in scientific research and development, businesses looking to foster long-distance relationships through exporting or general loan assistance. The SBA also provides <a href=\"https:\/\/northone.com\/blog\/financial-management\/sba-loans-to-apply-for\/\">disaster loan assistance<\/a> should your business become economically injured due to an unforeseen crisis.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Open_a_Business_Bank_Account\"><\/span><strong>5. Open a Business Bank Account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Having a separate <a href=\"https:\/\/northone.com\/blog\/business-banking\/how-to-open-a-business-bank-acccount\/\">business bank account<\/a> is crucial to keeping your business finances organized and under control. Take advantage of super-efficient mobile banking services that help you manage your finances right from your smartphone. <\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">Mobile banking means you can deposit checks, move money, or track spending habits at any time. Some, like <a href=\"https:\/\/www.northone.com\/customers\">North One\u2019s small business banking<\/a>, integrate your accounting and bookkeeping tools with your bank account so you can have ultimate transparency into the financial health of your business.\u00a0<\/p>\n\n\n\n<p><br\/>\n\n\n<span class='mb-center maxbutton-3-center'><span class='maxbutton-3-container mb-container'><a class=\"maxbutton-3 maxbutton maxbutton-apply-for-an-account\" target=\"_blank\" title=\"Apply for a North One Account in less than 3 minutes.\" rel=\"nofollow noopener\" href=\"https:\/\/join.northone.com\/\"><span class='mb-text'>Apply for an Account<\/span><\/a><\/span><\/span>\n\n\n<p><br\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Learn_About_Cash_Flow\"><\/span><strong>6. Learn About Cash Flow&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Speaking of financial health, it\u2019s a no-brainer that a healthy business is a successful one. Once your business is up and running, prioritize cash flow as a regular part of your financial management. This will help you stay on top of your spending, as cash flow provides insights into how your money is being spent. Calculating your small business\u2019s cash flow can be an overwhelming task the first few times, so learn how to calculate cash flow (add interlink to upcoming \u201cHow to Calculate Cash Flow\u201d article) early on to familiarize yourself with the process.&nbsp;<\/p>\n\n\n\n<p>After you calculate your cash flow, take the time to conduct a <a href=\"https:\/\/northone.com\/blog\/financial-management\/master-cash-flow-analysis\/\">cash flow analysis<\/a> as well. This provides deeper insight into your finances and will allow you to make intelligent adjustments to your spending that can help your business grow.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Determine_Your_Business_Structure\"><\/span><strong>6. Determine Your Business Structure<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-light-gray-background-color has-text-color has-background\" style=\"color:#000000\">Before you register your business, you must determine how your business will run. This goes beyond management and the hierarchy of your employees. The business structure of your venture legally affects everything from taxes to liabilities. The four types of business structures are:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sole proprietorship<\/li>\n\n\n\n<li>Corporation<\/li>\n\n\n\n<li>Partnership<\/li>\n\n\n\n<li>Limited Liability Company (LLC)<\/li>\n<\/ul>\n\n\n\n<p>A common mistake of new entrepreneurs is to register their business as a sole proprietorship. People typically gravitate towards this choice if they own the business entirely by themselves and want total control over how it\u2019s run.&nbsp;<\/p>\n\n\n\n<p>However, choosing to identify as a sole proprietorship places your personal assets and personal credit at risk. The choice that adds the most protection for new business owners is to identify as an LLC. This creates a defined line between your business and you. Meaning, your personal assets are protected should something go wrong. Of course, every business is unique so be sure to research each type of structure to determine which is best for you.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_Register_and_Get_IDs\"><\/span><strong>7. Register and Get IDs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Okay, so you\u2019ve mapped out the business plan, shaped the idea, decided on the perfect name, and figured out your legal structure. It\u2019s now time to register your business to distinguish it as its own legal entity. The process for registering (as well as the requirements) may vary depending on the state you are registering your business in.&nbsp;<\/p>\n\n\n\n<p>Federal registrations to consider:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Register in order to get trademark protection&nbsp;<\/li>\n\n\n\n<li>Register in order to get certain tax exemptions<\/li>\n\n\n\n<li>File to get a federal tax ID or employer identification number (EIN)<\/li>\n\n\n\n<li>File with the United States Patent and Trademark Office to trademark your brand or business name<\/li>\n<\/ul>\n\n\n\n<p>Note that most businesses opt out of registering to get trademark protection or tax exemption status, but it\u2019s worth mentioning so you know your options.<\/p>\n\n\n\n<p>You\u2019ll need to register with the state agencies, like the Secretary of State\u2019s office, a Business Bureau, or business agency, if your business checks one of the following conditions:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Has a physical presence in the state it\u2019s registering in<\/li>\n\n\n\n<li>You frequently do some level of business in the state<\/li>\n\n\n\n<li>A significant percentage of revenue comes from the state<\/li>\n\n\n\n<li>Employees work in the state<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Apply_for_Licenses_and_Permits\"><\/span><strong>8. Apply for Licenses and Permits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Business licenses and permits are other legal pieces that you\u2019ll need to comply with your state, federal government, or industry regulations.&nbsp;<\/p>\n\n\n\n<p>The license you\u2019ll need, as well as what information is required in order to file and be approved, depends on the industry your business belongs to. Research the <a href=\"https:\/\/www.sba.gov\/business-guide\/launch-your-business\/apply-licenses-permits\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">various licenses from the SBA<\/a> to research accurate information. It costs money to get business licenses and permits, so you need to prepare for this expense. Additionally, some licenses and permits have expiration dates. Pay close attention to when your documentation will expire to make sure you are always legally operating your business.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_Create_Visibility\"><\/span><strong>9. Create Visibility&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After overcoming the hurdles associated with getting your business structured and registered, start building brand visibility. Dedicate time to creating a user-friendly website where customers can easily access your business. Include comprehensive information about your mission statement, products, contact information, and links to social media accounts.&nbsp;<\/p>\n\n\n\n<p>Explore <a href=\"https:\/\/northone.com\/blog\/small-business\/7-cheap-marketing-ideas-for-small-businesses\/\">innovative marketing ideas to attract new customers<\/a> to your business. Don\u2019t be fooled by the ornate advertising methods of bigger corporations; you don\u2019t need deep pockets to create an effective marketing plan. Strategies like publishing diverse, quality content to a blog or leveraging social media to showcase your products can have a powerful impact.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10_Network_Create_New_Relationships\"><\/span><strong>10. Network &amp; Create New Relationships<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Lastly, networking is vital to the success of any small business. What really sparks buzz around that mom-and-pop eatery on the far corner of your city\u2019s downtown center? Sure, the food tastes like a cozy hug on a plate, but it\u2019s the word of mouth that keeps the foot traffic coming. Put effort into nurturing your relationship with the local community, including fellow businesses in your area (yes, <em>even<\/em> the ones in your industry). This will help build a positive reputation that encourages customers to choose you and your business time and time again.&nbsp;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>So, do you want the good news or the bad news first? The bad news is, starting a small business isn\u2019t quite as easy as the title of this post&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[154],"tags":[142,118,188,90,117,127,187,139,189,178],"class_list":["post-1444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-start-a-business","tag-budgeting","tag-cash-flow","tag-entrepreneur","tag-entrepreneurship","tag-financial-management","tag-freelancer","tag-how-to-start-a-business","tag-llc","tag-start-a-business","tag-startups"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Start a Business: A Step by Step Guide | North One<\/title>\n<meta name=\"description\" content=\"Starting a business isn\u2019t an easy feat, but it isn\u2019t impossible, either. Follow these tips for jumpstarting your small business venture.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northone.com\/blog\/start-a-business\/how-to-start-a-business\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Start a Business: A Step by Step Guide | North One\" \/>\n<meta property=\"og:description\" content=\"Starting a business isn\u2019t an easy feat, but it isn\u2019t impossible, either. 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